USD/INR closed at 69.68 against its opening at 69.55. USD/INR ends up on wednesday amid caution ahead of fed policy. market was rebounded with dollar inflow hopes that weighed on the pair earlier in the day gradually fading as the US Fed's policy announcement time is nearing.aggressive paying in dollar/rupee forwards was also exerting upward pressure on the spot pair."It looks like some positioning adjustment just ahead of the FOMC event. Also the drastic upward movement in forward premia is impacting spot.

 Global markets rallied after Beijing and Washington said Presidents Xi Jinping and Donald Trump will meet at the G-20 summit next week.Traders await the outcome of the US Federal Reserve’s meeting later on Wednesday, with the central bank widely expected to join its European counterpart in striking a dovish tone.Traders also cautious after the news report said that the OPEC and group of oil producers is close to agreeing their next meeting to discuss output policy.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a U.S.-China trade deal and on the potential for conflict between the U.S. and Iran in the Middle East after tanker attacks there last week.Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday.U.S. West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The U.S. benchmark surged 3.8% in the last session.

China’s Ministry of Commerce on Wednesday said it will maintain anti-dumping and anti-subsidy tariffs on imports of U.S. distillers grains (DDGS), a cereal by-product of ethanol manufacturing, after completing a review launched in April.

The USD index, the gauge that measures the strength of the greenback against a basket of majors, is at 97.55 late om wednesday, close to the 2-week high of 97.69 touched earlier in the day.

Sensex closed at 39,113, up 66 points, Nifty ended absolutely flat at 11,691.